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Finance Bill

I beg to move, That the Bill be now read a Second time. We have come through a very difficult time in the world economy. It has required difficult choices and Governments around the world intervening in unprecedented ways to rescue the financial system, and initiatives to support the economy, businesses and families. But we made the right calls, as the latest survey from the British Chambers of Commerce and the sharp upwards revision of the OECD's UK growth forecast have underlined this morning. The damage to families and businesses has been much less than if we had let the recession run its course, and much less than the actual damage when that approach was applied in the 1980s and 1990s. We are committed to all the tax measures that my right hon. Friend the Chancellor set out in the Budget, but we have published a much shorter Finance Bill than usual and it is focused on the key Budget measures. Some two thirds of the measures in the Bill have been aired for comment and consultation already. We are proceeding today on the basis of consent, and to be helpful to Opposition Members, I will not be moving the landline duty in clause 23 and schedule 2; clause 58 requiring financial securities from employers at serious risk of pay-as-you-earn or national insurance contributions not being paid; or clause 65 and schedule 21 on furnished holiday lettings. Those will all be in the second Finance Bill at the start of the new Parliament. I have also tabled amendments to clause 9 that will limit the increase in cider duty to 2 per cent. above inflation, with effect from 30 June this year. That change will come at a cost to the Exchequer, and leave cider taxation out of step with other drinks. So again we will legislate after the election to confirm the existing new rate.